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G O L F & R E S O R T G R O U PP R E M I E R L E I S U R E P R O P E R T I E S

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03. INTRODUC TION

10. MEET THE TEAM

12. TESTIMONIALS

14. REPRESENTATIVE CLIENTS

16. U.S. LISTINGS

24. INTERNATIONAL LISTINGS

30. REPRESENTATIVE TRANSACTIONS

TA B L E O F C O N T E N T S

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TPC PRESTANCIA | FLORIDA

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MISSION HILLS NORTH | CALIFORNIA

Since its inception in 1990, the CBRE Golf & Resort Group has executed successful marketing strategies

for its clients, resulting in property transactions totaling more than $2.1 billion. With full-service capabilities

that include brokerage, consultation, appraisal and financing, the Golf & Resort Group has also served as

advisors to clients on countless other properties

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I N T R O D U C T I O NCBRE’s Golf & Resort Group provides a full spectrum of real estate services designed

to effectively market highly-amenitized recreational properties. Being successful in this

specialized and dynamic marketplace demands a dedicated, professional approach. With a

combination of talent and experience, the Golf & Resort Group brings a unique perspective

to recreation and leisure real estate transactions. Bolstered by the comprehensive resources

of CBRE’s global platform, the Golf & Resort Group delivers superior results through a

tireless work ethic, putting clients’ needs first, thinking innovatively but acting practically and

leveraging CBRE’s international reputation and long-term market-specific relationships.

CBRE’s Golf & Resort Group is the market leader in effectively marketing leisure properties

including golf clubs, ski resorts and marinas, plus developable land associated with each

of those property types.

GOLF

Private Golf & Country ClubsDaily Fee Courses

Golf Resorts

RESORT

Full-Service Hotels Resorts & Timeshares

SKI

Ski Resorts

MARINA

Full Service Marinas

DEVELOPABLE LAND

Land suitable for residential, commercial, hotel and timeshare development

L E I S U R E A S S E T S

6 |TROON NORTH | ARIZONA

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BOUT I Q U E A PPROACH / G LO BA L STR EN GTH

CBRE’s Golf & Resort Group is the only team dedicated to leisure property sales in the world’s

largest commercial real estate services company. Jeff Woolson serves as the Managing Director

and as part of CBRE Hotels and the CBRE Land Services Group, is supported by unmatched

resources and proprietary investor databases.

CBRE has more than 530 offices globally, with established professionals in every major market

and most local markets worldwide. Local CBRE professionals maintain irreplaceable personal

relationships with key decision makers in each of those markets, providing the Golf & Resort

Group with local market knowledge and introductions to investors that no other real estate

company can equal.Source: CBRE 2020 Worldwide Business Activity Statistics

8 |THE GALLERY | ARIZONA

E X PER I EN CE M A R K E T I N G COM PLE X A S SE TS

Transactions involving recreational and leisure properties are far from typical real estate deals.

These operating businesses are attached to large pieces of land that sometimes operate at a

loss and are often comprised of several components. CBRE’s Golf & Resort Group has unrivaled

experience and expertise in effectively marketing complicated assets through every stage of the

transactional process. The team maintains long-standing relationships with some of the largest

institutional investors in the industry and has worked directly with the Federal Bankruptcy Court on

the disposition of several high-profile assets.

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B EST I N CL A S S U N D ERWR IT I N G

CBRE’s Golf & Resort Group achieves unmatched success in the leisure space

by combining the strength of the CBRE brand with a boutique marketing

approach. Execution begins with clear and effective communication between

the team and the client to create a customized marketing strategy. Next,

the team guides its clients through the compilation of due diligence that will

ultimately provide investors with sufficient information to make an offer and

minimize the possibility of a re-trade.

This information becomes the foundation of the property description that will

serve as the basis of a comprehensive yet concise offering memorandum and

depict the asset in best light. Pre-marketing is implemented on a concurrent

track, followed by a formal marketing campaign or confidential approach,

depending on the client’s preference. At each step of the process, the team

will maintain consistent contact with qualified investors, creating momentum

and a competitive environment, leading to the highest value for the asset in

shortest time frame.

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MORGAN ABBOTT oversees the creation of institutional grade marketing materials and the organization of due diligence supporting each assignment. Morgan’s real estate experience covers asset management, club management and global market research. He coordinated the management and marketing of commercial real estate portfolios in Southern California and served as a private club manager in San Diego, where he has been involved in the operation of PGA and LPGA Tour events. As an underwriter, Morgan worked on hundreds of golf course appraisals and consulting assignments for PricewaterhouseCoopers, then operated his own consulting firm before joining CBRE in 2005.

MORGA N A B BOT T Senior Underwriter

J E F F WOOL SON Managing Director

JEFF WOOLSON is an Executive Vice President who serves as the Managing Director of CBRE’s Golf & Resort Group. Since 1991 Jeff has been personally involved in the sale of over $2.1 billion of leisure properties throughout the United States, Europe and the Caribbean. Jeff specializes in high-end golf courses, ski resorts, marinas and master-planned communities, as well as developable land associated with each of those asset types. Recognized by CBRE numerous times for his outstanding performance both regionally and nationally, Jeff is interviewed often by major news outlets and industry publications as an acknowledged expert in the marketing of resort properties and real estate negotiations.

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STEPHANIE SACKS serves as the Marketing Coordinator for the Golf & Resort Group. Stephanie specializes in graphic design and has been designing professionally since 2010, after earning her Bachelors degree from California State University, Chico in Media Arts. Prior to joining CBRE, Stephanie gained valuable experience in the golf, media and tech industries, coordinating interactive media for the San Diego Union-Tribune and overseeing sales and marketing efforts at The Crossings at Carlsbad. Most recently she served as the Director of Operations for Bizness Apps. Stephanie joined CBRE in 2018 and handles graphic design, desktop publishing, web publishing and e-mail marketing campaigns for the team. She enjoys designing best-in-class, custom offering memorandums, brochures and other marketing collateral.STEPHANIE SACKS

Marketing Coordinator

TOM BERRY joined the Golf & Resort Group in 2019 and works closely with all team members to enhance the operation and the client experience. After graduating from San Diego State University where he captained the golf team, Tom played professionally in Latin America, Asia and America. This unique experience exposed him to a variety of course layouts, architects and operators. Armed with a proven track record in commercial real estate investment sales and an understanding of golf properties as a player, Tom is a welcome addition to the Golf & Resort Group.

TOM BERRYAssociate

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AETNA SPRINGS | CALIFORNIA

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“The marketing and sale of Aetna Springs was a long and complicated process, but Jeff and Henry’s team at CBRE navigated every obstacle and met every challenge. The organization of due diligence and creation of marketing materials exceeded expectations and their professional approach kept us on track and achieved a positive outcome for both Buyer and Seller.”

Stuart Turner, Managing Director | Barings, LLC

“We have worked with many brokers and brokerage firms over the years. While all are generally proficient in the purchase and sale process, Jeff and Paul’s team at CBRE was relentless in their pursuit of prospective purchasers, information and answers to every question that came up. They don’t shy away from difficult assignments, and their management of the process, including overall preparation, organization of due diligence and creation of marketing materials delivered beyond our expectations. Well done!”

Stuart Margulies, Managing Principal | Lupert-Adler Partners

“I was extremely pleased with the performance of Jeff Woolson and the team at CBRE with the marketing of Kingsmill Resort. The success of this project hinged not only on Jeff’s extensive experience, expertise and network of investors, but also his perseverance through a tough market. He communicated with me throughout every step of the process and ultimately found a single buyer for Kingsmill, a complicated, mixed use resort property. I look forward to working with Jeff on future assignments.”

Clifford Hickey, Managing Director | Anschutz Investment Company

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BLACK BULL | MONTANA

“The overall sales and marketing of Country Club of the North went very smoothly, thanks to Jeff Woolson’s detailed preparation of the property for sale and constant communication. From the CBRE offering memorandum to Jeff’s relentless search for the perfect buyer, we are very pleased with the results of this transaction.”

Mark Jacobs, Senior Vice President | Oaktree Capital Management

“Jeff’s in-depth knowledge of master planned golf communities was instrumental in creatively marketing a challenging project. I also appreciate the time and effort Jeff put forth dealing with a very difficult buyer and managing his expectations. Jeff’s leadership of the marketing campaign was directly linked to the excellent execution of the transaction.”

Michael Criscito, Director | Credit Suisse

“In bankruptcy cases, the credibility of the real estate broker hired to market the property is critical. For the Black Bull development bankruptcy, not only did Jeff demonstrate his credibility through his unparalleled experience and knowledge of marketing master-planned golf communities, his in-court testimony proved to be instrumental in the resolution and success of the case.”

Joe Womack, US Bankruptcy Trustee | Womack & Womack

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R E P R E S E N T A T I V E C L I E N T S

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MAKAHA VALLEY | HAWAII

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GLENL AKES

GlenLakes is a highly-amenitized and affluent, master-planned golf community on Florida’s west coast, an hour north of Tampa. This offering includes all assets associated with the operation of GlenLakes Country Club, plus the developer’s remaining real estate, which collectively total 500 acres. The real estate component consists of 161 finished lots, 293 acres planned for 655 single-family homes, a three-acre parcel near the community entrance, an 8,000-square foot commercial office building and an existing real estate business. The country club features a championship golf course, clubhouse, six lighted tennis courts, a swimming pool and spa.

BENT PINE

Bent Pine Land is a 115–acre residential development opportunity surrounding the northern portion of the beautiful golf course at Bent Pine Golf Club. The upscale private club is located in Vero Beach, Florida in an unincorporated portion of Indian River County, but is not part of this offering. The 115-acre property is anticipated to accommodate 250+ single family homes and/or two-story townhomes, considered the highest and best use of the property. Single-family homes currently surround the southern portion of the golf course and are currently selling from $350,000 to $600,000.

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THE INTERNATIONAL

The International Golf Club & Resort is a well-known part of New England history and golf in the Commonwealth of Massachusetts. Host venue of the New England Open in 2002 and 2004, The International features two championship golf courses. The Pines was designed by Geoffrey Cornish (with renovations coordinated by Robert Trent Jones) and the Oaks was designed by Tom Fazio. These two golf courses are complemented by a clubhouse complex comprised of a pro shop and upscale restaurant, special events venue, lodge and conference center. The adjacent, family-friendly 9-hole Twin Springs Golf Course with its own clubhouse and practice facility is also part of this offering.

HIDDENBROOKE

Hiddenbrooke Golf Club is an award-winning daily fee facility with an Arnold Palmer signature golf course in the City of Vallejo. Hiddenbrooke is professionally managed by Troon Golf and previously hosted the LPGA Tour. Situated in a peaceful canyon and surrounded by 700 acres of permanent open space, Hiddenbrooke provides a healthy environment for a variety of birds and wildlife. This offering includes a championship golf course, campus-style clubhouse complex with multiple wedding venues, swimming pool, tennis and fitness, as well as various unentitled infill parcels that may be suitable for residential development, including an elevated 1.25-acre parcel adjacent to the clubhouse, overlooking the 18th green.

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M AK AHA VALLEY

Makaha Valley Golf Resort & Residences is the last large-scale development opportunity of its kind on Oahu, in one of the most beautiful settings in all of Hawaii. Occupying more than a square mile along the leeward coast, this entitled property has valuable resort zoning that provides a competitive advantage. Plans include two golf courses designed by Tiger Woods and Gil Hanse, as well as single-family homes, condominiums and various community amenities. Makaha Valley’s scenic location was created by the Waianae Mountain Range that runs north before turning west toward the ocean, forming this unique, protected valley. One of the two original golf courses still operates on the historic property.

L AS POSAS

Las Posas Country Club is a quality, member-owned private club that serves as a popular retreat for its members, most of whom live in the surrounding Camarillo area. Situated between Los Angeles and Santa Barbara, the family-friendly club features a fun and challenging golf course, as well as swimming, tennis and fitness facilities. The golf course was designed by Lawrence Hughes in 1958 and renovated under the direction of Cary Bickler in 2010. Clubhouse improvements were completed in Spring 2019. In an area with abundant avocado and lemon trees, homes in the surrounding community range from $750,000 to $4 million.

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SHADOW RIDGE

Shadow Ridge Land represents an outstanding infill development opportunity within a master-planned timeshare community that includes the 569-room Marriott Shadow Ridge and Shadow Ridge Golf Club, with its popular daily fee course and restaurant. This offering includes four parcels totaling 19 acres with golf frontage on five holes. The parcels are approved under a conditional use permit and development agreement with the City, with PR-5 zoning that allows for the development of up to 93 residential units. Additional density could be possible with a new CUP and development agreement.

MISSION HILLS

Mission Hills Land is a prime development opportunity consisting of 20 undeveloped acres in Rancho Mirage, a city renowned for its outstanding golf courses, shopping and dining. Situated at the northeast corner of the Gary Player golf course, the property includes a temporary clubhouse, cart storage building and parking lot that currently serve the golf course through a perpetual easement. The property is zoned Resort Hotel in the City’s general plan, allowing for a hotel or destination resort, including a condo hotel with limited commercial uses including restaurants and health spas that directly support the primary use. Limited timeshares would be allowed, but only with the development of a hotel.

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HOTEL SAN CRISTOBAL | MEXICO

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HOTEL SAN CRISTOBAL

Hotel San Cristobal is a boutique, beachfront hotel one hour north of Cabos San Lucas in beautiful Todos Santos, described by the Wall Street Journal as “one of the best beach towns you’ve never heard of.” Todos Santos is as a beautiful, upscale destination for travelers seeking a quiet, secluded experience. Operated by Bunkhouse Group, the 32-room boutique hotel opened in 2017 and quickly established a worldwide reputation by focusing on local culture, art, music, food, fitness, wellness and sustainability, achieving impressive revenue, EBITDA and ADR numbers. The hotel occupies one-third of the 2.7-acre site, creating the potential expansion of 100 rooms and branded residences, while leveraging existing infrastructure.

FORTUNE BAY

Fortune Bay is a 30-acre oceanfront development opportunity at King’s Beach in Freeport, Grand Bahama. Freeport is the Bahamas’ second largest city with excellent access provided by the nearby international airport and cruise ship port. The property features 2,400 feet of beach frontage, and is positioned along the main channel entrance to the Grand Lucayan Waterway, part of a 70,000-acre master plan stretching across the entire island. Utilities and a paved road extend to the site and current approval rights through the Bahamian government are Tourist Commercial, allowing for a hotel, boatel, motel, residences, timeshares, marina, restaurants and tourist attractions.

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OLD BAHAM A BAY

Old Bahama Bay is a boutique, island resort with barefoot elegance at the western tip of Grand Bahama Island, 55 nautical miles from Palm Beach, Florida. Situated near Freeport with its international airport and cruise ship port, the campus-style residential resort features a full-service marina and numerous “build-ready” parcels available for the development of hotels, villas and single-family homes that collectively occupy 500 acres. The 73 existing condominiums are not part of this offering, however there may be an opportunity to incorporate them into a rental program, along with the marina and other amenities.

NUEVAS PALM AS Nuevas Palmas occupies 160 acres on the East Cape of Mexico’s Baja Peninsula, less than 40 miles north of Los Cabos International Airport. The property features more than 2,600 feet of oceanfront on the magical Sea of Cortez and is zoned for residential and resort development. The largely undeveloped East Cape is growing in popularity as not only a sportfishing destination, but as a quiet retreat with beautiful beaches. The nearby resort community of Costa Palmas features the Four Seasons Los Cabos (with its marina, spa, restaurants and golf course), as well as Amanvari, which is Aman’s newest resort.

TRELLIS BAY

Trellis Bay Estate is the last significant development site in the British Virgin Islands, situated on Beef Island and connected to the main island of Tortola by the Queen Elizabeth Bridge. The 663-acre property covers the vast majority of the island, with the exception of Terrance B. Lettsome International Airport, the main airport serving the BVI. Mount Alma creates a distinctive ridge on the eastern portion of the property, while smaller hills and beachfronts provide excellent development opportunities. Trellis Bay is an oceanfront village with shops and restaurants, some of which are tenants of the estate. Previously approved plans included multiple marinas, a Nicklaus golf course, Ritz-Carlton hotel and luxury homes.

SUR MER

Sur Mer is a 1,450-acre planned development at the western tip of Grand Bahama Island, 55 nautical miles east of Palm Beach, Florida. Situated near Freeport with its international airport and cruise ship port, Sur Mer was originally planned as a 2,000-acre mega-resort community, including a mega-yacht marina basin with extensive canals dug to a depth of 18 feet. Current improvements also include more than 600 finished lots, three partially finished beach clubs, a gated main entrance and guard house, 7.5 miles of concrete roads with solar lighting and underground utilities, plus a private airport with customs and immigration services.

R E P R E S E N TAT I V E T R A N S A C T I O N S

AETNA SPRINGS (CA)

ALTAMER RESORT (ANGUILLA)

AMARYLLIS BEACH RESORT (BARBADOS)

ANDALUSIA AT CORAL MOUNTAIN (CA)

ANTIGUA LAND PORTFOLIO (ANTIGUA)

ARROWOOD GOLF COURSE (CA)

THE BAY COURSE AT KAPALUA RESORT (HI)

BAY VALLEY RESORT & CONFERENCE CENTER (MI)

BEAR CREEK GOLF CLUB (CA)*

BEAR CREEK GOLF CLUB (TX)

BEAR VALLEY MOUNTAIN RESORT (CA)

BEDFORD SPRINGS RESORT (PA)

BELLA COLLINA TOWNE & GOLF CLUB (CA)

BENT TREE GOLF CLUB (OH)

BIG ISLAND COUNTRY CLUB (HI)

BINKS FOREST GOLF CLUB (FL)

BLACK BULL GOLF CLUB & COMMUNITY (MT)

BLACKHAWK GOLF CLUB (TX)

BRIAN HEAD RESORT (UT)

BRIGHT’S CREEK (NC)

BRIGHTSTAR GOLF PORTFOLIO (CO & WA)

CAMERON HOUSE & THE CARRICK (SCOTLAND)

CARMEL MOUNTAIN RANCH COUNTRY CLUB (CA)

CARTON HOUSE (IRELAND)

THE CASCADES GOLF CLUB (TX)

CASTLE CREEK COUNTRY CLUB (CA)

CELEBRATION GOLF CLUB (FL)

THE CLUB AT OSPREY COVE (GA)

CLUB DE GOLF PLAYACAR (MEXICO)

COPPERHEAD GOLF & COUNTRY CLUB (FL)

COPPER RIVER COUNTRY CLUB (CA)

COUNTRY CLUB OF THE NORTH (OH)*

COYOTE CREEK GOLF CLUB (CA)

THE CROSBY AT RANCHO SANTA FE (CA)

THE CROSBY ESTATE (CA)

D’ANDREA GOLF CLUB (NV)

DEER CREEK GOLF CLUB (TN)

DEER RIDGE GOLF CLUB (CA)

DESERT PRINCESS COUNTRY CLUB (CA)

DUPONT COUNTRY CLUB (DE)

THE EAGLE (CA)

EAGLE CREST GOLF CLUB (CA)

EAGLE RIDGE RESORT & SPA (IL)

EASTLAKE COUNTRY CLUB (CA)

EL CONQUISTADOR COUNTRY CLUB (AZ)

EL CONQUISTADOR GOLF & TENNIS RESORT (AZ)

FAIRBANKS RANCH COUNTRY CLUB (CA)

FAIRMONT ST. ANDREWS (SCOTLAND)

FESTIVAL RANCH (AZ)

FROST CREEK (CO)

THE GALLERY GOLF CLUB (AZ)

GARDEN OF THE GODS CLUB (CO)

THE GOLDEN BEAR CLUB AT KEENE’S POINTE (FL)

THE GOLF CLUB AT DOVE MOUNTAIN (AZ)

THE GOLF CLUB AT RANCHO CALIFORNIA (CA)

THE GOLF CLUB AT SOUTH HAMPTON (FL)

THE GOLF CLUB AT TERRA LAGO (CA)

GOLF CLUB OF ILLINOIS (IL)

GOVERNOR’S BEACH AT ROSE HALL (JAMAICA)

THE GOVERNORS CLUB (TN)

THE GRAND CLUB (FL)

GRAND HAVEN GOLF CLUB (FL)

GRAND TRAVERSE RESORT (MI)

GRIZZLY RANCH GOLF CLUB & COMMUNITY (CA)

GROUSE MOUNTAIN (BRITISH COLOMBIA)

HAMILTON MILL GOLF CLUB (GA)

HELL’S POINT GOLF CLUB (VA)

HERITAGE GOLF PORTFOLIO (FL, VA, SC)

HIDDENBROOKE GOLF CLUB (CA)

THE HODGES GOLF LEARNING CENTER (CA)

INDIAN SPRINGS GOLF CLUB (CA)

IRON CORRAL (CA)

R E P R E S E N TAT I V E T R A N S A C T I O N S

THE INTERNATIONAL GOLF CLUB (MA)

KILLEARN COUNTRY CLUB (FL)

KING’S CROSSING GOLF & COUNTRY CLUB (TX)

THE YELLOWSTONE CLUB (MT)

KINGSMILL RESORT (VA)*

THE LAKES AT CASTLE HILLS (TX)

LAS CAMPANAS (NM)

LAS VEGAS COUNTRY CLUB (NV)

LIGHTHOUSE COUNTRY CLUB (TX)

THE LINKS AT SUMMERLY (CA)

MAHAUT ESTATE (ST. LUCIA)

MALIBU GOLF CLUB (CA)

MAMMOTH/SIERRA STAR PARCELS (CA)

MAMMOTH/VILLAGE PARCELS (CA)

MEADOW LAKE GOLF CLUB (CA)

MISSION HILLS GARY PLAYER COURSE (CA)

MONTALUCE WINERY & ESTATES (GA)

MOONLIGHT BASIN (MT)

MORGAN CREEK GOLF CLUB (CA)

MORONGO GOLF CLUB AT TUKWET CANYON (CA)

MOUNT WASHINGTON ALPINE RESORT (CANADA)

MUNICIPAL GOLF PORTFOLIO (PA)

NEW SOUTH OCEAN DEVELOPMENT (BAHAMAS)

NORTHSHORE COUNTRY CLUB (TX)

THE OAKS GOLF & RACQUET CLUB (FL)

OAK QUARRY GOLF CLUB (CA)

OAK VALLEY DEVELOPMENT (CA)

ORANGE COUNTY NATIONAL (FL)

THE PALENCIA CLUB (FL)

PALM-AIRE COUNTRY CLUB (FL)

PALM DESERT COUNTRY CLUB (CA)*

PALMILLA BEACH RESORT & GOLF CLUB (TX)

PGA WEST RESIDENTIAL LAND (CA)

PGA WEST RESIDENTIAL LOTS (CA)

PICACHO HILLS COUNTRY CLUB (AZ)

PUERTA CORTES (FORMERLY COSTABAJA, MX)

THE RANCH CLUB (MT)

THE RAVEN GOLF CLUB AT THREE PEAKS (CO)

REDHAWK GOLF COURSE (CA)

REDLANDS MESA GOLF COMMUNITY (CO)

RED LODGE MOUNTAIN RESORT (MT)

REDSTONE GOLF PORTFOLIO (TX)

REUNION RESORT (FL)

ROYAL LINKS GOLF CLUB (NV)

THE RIVER CLUB (GA)

RIVERFRONT GOLF CLUB (VA)

SALT CREEK GOLF CLUB (CA)

SAND CREEK COUNTRY CLUB (IN)

SANDY BAY BEACH CLUB (BARBADOS)

SHANTY CREEK RESORT & CLUB (MI)

SIENA GOLF CLUB (NV)

SIERRA STAR / VILLAGE PARCELS (CA)

SKYBROOK GOLF CLUB (NC)

SONOMA GOLF CLUB (CA)

STEAMBOAT LAND (CO)

STEELE CANYON GOLF CLUB (CA)

ST. LUCIE TRAIL & LEARNING CENTER (FL)

SUNROAD RESORT MARINA (CA)

SUNSET HARBOUR (ST. LUCIA)

SYCAMORE CANYON GOLF COURSE (CA)

TALEGA GOLF CLUB (CA)*

TEMENOS RESORT (ANGUILLA)

THOUSAND ISLANDS PORTFOLIO (NY)

TROON NORTH GOLF CLUB (AZ)

TURNER HILL (MA)

VELLANO COUNTRY CLUB (CA)

WALDEN ON LAKE HOUSTON (TX)

THE WANDERERS CLUB (FL)

WARNER SPRINGS RANCH (CA)

WEDGEWOOD GOLF CLUB (TX)*

WESTON LAKES COUNTRY CLUB (TX)

WHITNEY OAKS GOLF CLUB (CA)*

*INDICATES ASSETS SOLD MORE THAN ONCE

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G o l f & R e s o r t G r o u p | 5 7 8 0 F l e e t S t r e e t , S u i t e 10 0 | C a r l s b a d , C A 9 2 0 0 8 | +1 76 0 4 3 8 8 5 0 0© 2020 CBRE Group, Inc. We obtained this information from sources we believe to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. This offering memorandum is subject to the terms outlined in the confidentiality agreement. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE.

Fol low us on @cbregol f resor twww.cbre.com/gol fandresor t

MORGAN ABBOTTSenior UnderwriterLicense 00975358+1 760 438 8536

morgan.abbott@cbre.com

JEFF WOOLSONManaging DirectorLicense 01073147+1 760 438 8530

jeff.woolson@cbre.com

G O L F & R E S O R T G R O U PP R E M I E R L E I S U R E P R O P E R T I E S

STEPHANIE SACKSMarketing Coordinator

+1 760 438 8591stephanie.sacks@cbre.com

TOM BERRYAssociate

License 02000158 +1 760 438 8531

tom.w.berry@cbre.com